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According to European Commission President Ursula von der Leyen, the plan has the potential to double the size of the Western Balkans’ economies in the next decade. / bne IntelliNews
EU unveils growth plan for Western Balkans, offers financial stimulus for reforms
bne IntelliNews
EU leaders presented a new growth plan for the Western Balkans during the Berlin Process summit in Tirana, Albania, on October 16 involving granting partial access to the EU single market. They also offered financial support for the six Western Balkans countries contingent on their commitment to significant reforms prior to the planned EU enlargement.
The Berlin Process, which started in 2014 under the leadership of former German chancellor Angela Merkel, is
a cooperation initiative associated with prospective EU expansion.
www.bne.eu
European Commission President Ursula von der Leyen said in her opening speech in the Albanian capital that the growth plan's primary objective is to narrow the gap with the EU by leveraging the potential within the Western Balkans and aligning it with the European single market. Currently, there is a considerable disparity between the Western Balkan economies, which are at 35% of the EU average GDP per capita (on a PPP basis).
According to her, the plan has the potential to double the size of the Western Balkans’ economies in the next decade.
Von der Leyen emphasised that the enlargement process not only brings economic benefits to the joining countries but also enhances the EU as
a whole by expanding the single market, which includes free movement of goods and services, road transport, energy, electricity, and integration into the
EU's Digital Single Market.
Additionally, efforts will be made to streamline cashless payments through a unified European payment area.
Furthermore, deep-rooted reforms are imperative to enhance the business